[ad_1]
In 2019, Facebook announced that it would launch its own cryptocurrency Libra around January 2020. However, the plan was rejected and now, the social media giant has plans to launch it in January 2021, but again, its plans they might see a little more delay. The reason for this delay is that the Libra Association is waiting for the Swiss market watchdogs to release stablecoins, which is another more stable form of cryptocurrency.
The Libra Association is headquartered in Geneva, Switzerland, and helps associated businesses and organizations with technology, digital payments, and much more.
Libra is a blockchain-based global cryptographic payment system that Facebook wants to launch in the form of its private cryptocurrency, initially referred to as “Facebook Coin” or “GlobalCoin”.
Now, when Facebook made this announcement, money regulators and central banks raised their voices against it, with concerns that this cryptocurrency will upset the stability of finances and affect power and domination over money. Then, in July 2019, Mark Zuckerberg announced that Facebook’s Libra currency will not be launched until all regulators are satisfied, especially until US regulators approve it.
Hence, the launch kept delaying due to one reason after another.
Now, the Libra Association is planning to release a single digital currency that will be backed by one dollar, and this digital currency will be called ‘Stablecoin’. It will be a more stable form of cryptocurrency and more reliable for payments and money transactions. Bitcoin is also a cryptocurrency but, like most cryptocurrencies, it has a volatile nature, which means that their degree of change in trading prices in relation to their standard deviation to returns is higher. These stablecoins are backed by single traditional currencies. The Libra Association is also planning to release a token based on these individual stablecoins that peg the currency.
Now, the Libra Association is waiting to release this stablecoin series once some Swiss market watchdogs say it’s the right time to do so, and that’s delaying the launch of Libra for Facebook.
The Libra Association hasn’t released an official statement on the upcoming release, but we hope it will happen as soon as it seems to make the transfer of payments more convenient and smooth.
Photo: Chesnot via Getty Images
.[ad_2]Source link
